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M Mcclain T O R C H F U N D M McClain T O R C H F U N D Year End Report October 2019 - September 2020 M Dear Mr. and Mrs. McClain, It is often said that a good education is the greatest gift you can give someone. As undergraduate students, the ability to manage a portfolio with real money and real consequences is an unrivaled experience that gives us exposure to the opportunities that a career in value investing would present. The Torch Fund program has tested our understanding of the market and our value investing skills; it continually drives us to be better students, teammates, and leaders. To properly represent the McClain legacy, we are challenging our education every day as portfolio managers to pay homage to the managers that came before us and pave the way for those that are certain to follow in our footsteps. As a team, we have capitalized on our diverse learning experiences and skills to navigate one of the most uncertain markets in recent history. Thanks to our collective academic drive, we were able to effectively capitalize on the unique investment opportunities the market had to offer. We regularly evaluate our holdings for potential risks and continuously look for high quality businesses with payout potential to invest in. This period, we liquidated our DIS, FIVE, JOUT, LH, and TAP positions. These liquidations provided the financing for an abundance of strategic purchases during the period; DLR, KMB, LMT, MC, MDT, MSFT, MTCH, and NEE were all exciting additions made to the portfolio in P3. Looking forward, we will continue to monitor these new additions, along with all other holds, to increase the prosperity of the fund. This period, the McClain Fund generated absolute returns of 26.37% relative to our benchmark’s absolute return of 20.68%. This difference makes our relative return 5.69%. In terms of tenure, the McClain Fund generated absolute returns of 0.39%, while our benchmark returned (5.65%) – leaving us a relative return of 6.04% for the year. Compared to the other funds, the McClain Fund generated the greatest relative return for P3 and tenure. Being members of the McClain Torch Fund has presented so many invaluable opportunities that cannot be overstated. We are mindful of the profound impact this educational opportunity has had -- and will continue to have -- on our development as young portfolio managers. We only hope to prove your investment worthwhile by demonstrating our drive, skill, and growth as value investors. We attempt to pay your investment forward by providing additional funding for future generations of fund managers to work with. We are forever grateful for the one investment – your investment in our education – that has made all the difference. Thank you. Sincerely, Account Summary (P3) Portfolio Value as of 3-31-20 221,339.75 Contributions 0 Withdrawals 0 Realized Gains (1,943.74) Unrealized Gains 58,860.87 Interest 9.38 Dividends 1437 Portfolio Value as of 9-30-20 279,703.26 Performance Summary P1 P2 P3 Tenure McClain Torch Fund 6.50% (25.40%) 26.37% 0.39% Russell 3000 Value Index 7.44% (27.21%) 20.68% (5.68%) Other Indices P1 P2 P3 Tenure CPI + 7% 9.07% 9.10% 7.78% 8.43% S&P 500 Index 9.04% (19.53%) 31.21% 14.94% Risk/Return Metrics* McClain Torch Fund P1 P2 P3 Tenure Sharpe Ratio 2.69 (2.10) 1.95 0.16 Treynor Ratio 0.30 (1.25) 0.67 0.06 Russell 3000 Value Index Sharpe Ratio 2.97 (1.94) 1.45 0.01 Treynor Ratio 0.28 (1.13) 0.42 0.00 *Annualized measures Best Performers Security P3 Tenure Weight PayPal Holdings, Inc. 105.80% 86.55% 8.49% InterActive Corp. 85.38% 51.92% 3.92% Owens Corning 78.54% 9.61% 3.53% Encore Capital Group, Inc. 65.06% 16.94% 1.35% Facebook, Inc. 57.01% 42.16% 3.58% Worst Performers Security P3 Tenure Weight Universal Insurance Holdings, Inc. (20.98%) (51.29%) 3.26% ICU Medical, Inc. (9.42%) 0.36% 5.71% CVS Health Corp. 0.12% 0.87% 4.51% Cisco Systems, Inc. 2.04% (10.65%) 5.06% Lockheed Martin Corp. 2.31% 2.31% 3.26% *All weights expressed as of end of day 9/30/2020 McClain Sector Weights Portfolio Appraisal UT-McClain Torch Fund 9/30/2020 Quantity Security Unit Cost Price Market Value Percent Assets COMMON STOCK Consumer Staples 22 Kimberly-Clark Corporation 132.10 147.66 3,248.52 1.16 3,248.52 1.16 Health Care 135 Alexion Pharmaceuticals, Inc. 94.00 114.43 15,448.05 5.52 191 CVS Health Corporation 69.85 58.40 11,154.40 3.99 78 ICU Medical, Inc. 182.11 182.76 14,255.28 5.10 85 Laboratory Corporation of America Holdings 154.07 188.27 16,002.95 5.72 65 Medtronic PLC 94.86 103.92 6,754.80 2.41 63,615.48 22.74 Industrials 25 Lockheed Martin Corporation 379.33 383.28 9,582.00 218 Owens Corning 61.71 68.81 15,000.58 5.36 24,582.58 8.79 Information Technology 307 Cisco Systems, Inc. 45.45 39.39 12,092.73 4.32 21 Microsoft, Inc. 165.42 210.33 4,416.93 1.58 132 Paypal Holdings Inc. 87.71 197.03 26,007.96 9.30 76 Visa, Inc. - Class A 136.38 199.97 15,197.72 5.43 57,715.34 20.63 Communication Services 441 Discovery, Inc. 30.86 21.77 9,600.57 3.43 134 Electronic Arts, Inc. 102.17 130.41 17,474.94 6.25 72 Facebook, Inc. 144.85 261.90 18,856.80 6.74 64 IAC/InterActiveCorp 60.78 119.78 7,665.92 2.74 138 Match Group, Inc. 98.92 110.65 15,269.70 5.46 68,867.93 24.62 Energy 231 Marathon Petroleum Corporation 61.68 29.34 6,777.54 2.42 6,777.54 2.42 Financials 160 Encore Capital Group, Inc. 33.00 38.59 6,174.40 2.21 158 Moelis & Company 29.55 35.14 5,552.12 1.99 490 Universal Insurance Holdings, Inc. 24.37 13.84 6,781.60 2.42 18,508.12 6.62 Real Estate 44 Digital Realty Trust, Inc. 137.53 146.76 6,457.44 2.31 6,457.44 2.31 Utilities 15 Nextera Energy, Inc. 235.33 277.56 4,163.40 1.49 4,163.40 1.49 COMMON STOCK Total 253,936.35 90.79 CASH AND EQUIVALENTS Fidelity Cash Reserves 25,766.91 9.21 Total Portfolio 279,703.26 100.00 Purchases and Sales UT-McClain Torch Fund From 4/1/2020 to 9/30/2020 Date Quantity Price Company Ticker Amount Purchases 4/9/2020 22 $ 132.10 Kimberly-Clark Corporation KMB $ 2,906.11 4/9/2020 158 $ 29.55 Moelis & Company MC $ 4,669.66 4/9/2020 23 $ 100.66 Medtronic PLC MDT $ 2,315.18 4/9/2020 7 $ 165.00 Microsoft, Inc. MSFT $ 1,155.00 4/9/2020 5 $ 236.00 Nextera Energy, Inc. NEE $ 1,180.00 4/13/2020 21 $ 140.50 Digital Realty Trust, Inc. DLR $ 2,950.50 4/13/2020 7 $ 162.95 Microsoft, Inc. MSFT $ 1,140.65 4/13/2020 5 $ 236.00 Nextera Energy, Inc. NEE $ 1,180.00 4/15/2020 5 $ 140.00 Digital Realty Trust, Inc. DLR $ 700.00 4/15/2020 12 $ 96.36 Medtronic PLC MDT $ 1,156.32 4/16/2020 25 $ 379.33 Lockheed Martin Corporation LMT $ 9,483.28 4/21/2020 7 $ 168.31 Microsoft, Inc. MSFT $ 1,178.17 4/21/2020 5 $ 234.00 Nextera Energy, Inc. NEE $ 1,170.00 5/12/2020 9 $ 136.00 Digital Realty Trust, Inc. DLR $ 1,224.00 5/15/2020 9 $ 130.74 Digital Realty Trust, Inc. DLR $ 1,176.66 6/11/2020 10 $ 90.94 Medtronic PLC MDT $ 909.40 6/24/2020 10 $ 90.00 Medtronic PLC MDT $ 900.00 6/26/2020 10 $ 88.50 Medtronic PLC MDT $ 885.00 Sales 4/6/2020 97 $ 98.00 The Walt Disney Company DIS $ 9,505.78 4/6/2020 116 $ 69.00 Five Below, Inc. FIVE $ 8,003.82 4/16/2020 88 $ 56.80 Johnson Outdoors Inc. JOUT $ 4,998.28 4/17/2020 100 $ 59.47 Johnson Outdoors Inc. JOUT $ 5,946.86 7/1/2020 95 $ 35.31 Molson Coors Beverage Company TAP $ 3,354.61 7/14/2020 176 $ 34.89 Molson Coors Beverage Company TAP $ 6,140.50 Alexion Pharmaceuticals, Inc. (ALXN) Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $114.43 $145.00 $21.96B $9.99 11.12 27.44% Description: Alexion Pharmaceuticals, Inc. is a biopharmaceutical company that focuses on the development of biologics. They research novel molecules to treat rare and ultra-rare diseases. Recognized as a global leader in the complement cascade for their C5 portfolio including blockbuster Soliris and recently approved biosimilar Ultomiris, they are continuing to expand their footprint into new indications and therapeutic areas. Investment Thesis: Alexion continues to show strong growth in key markets while also remaining best or first in class in specific treatments. Recently, Alexion received approval for Ultomiris treatments in Japan, opening that market to receive treatment. Alexion also received regulatory approval from European regulators for the use of new advanced formulations of Ultomiris. Such regulatory approvals have allowed Alexion to achieve a best-in-class conversion rate for PNH Ultomiris in the last 18 months.1 Currently, Alexion projects rapid expansion opportunities in markets they currently serve, as they are on track to achieve 4x growth expansion in US gMG and NMOSD neurology patients by 2025.1 At this time, we believe that Alexion has ample room to grow as they continue to capture market share in a high barrier to entry sub-industry via continued regulatory approvals and drug pipeline growth.
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